Starwood Capital Group Acquires Hotel In Miami Beach For $62M
40 Island Avenue, Miami Beach, FL 33139
$62,000,000
$738/SF
Building Size
83,978 SF
Asset Type
Hotel
Closing
Jan 5, 2022
About this deal
AI
The Hotel located at 40 Island Avenue in Miami Beach has been sold in a closed transaction. The property, owned by Sandra Ortega Mera and Marcos Ortega Mera, was purchased by Starwood Capital Group, represented by Barry Sternlicht.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $62,000,000
- Date: 01/05/2022
- Market: Miami Beach
- Address: 40 Island Avenue
The hotel consists of 100 keys and spans across 83,978 square feet. The purchase price for the property amounts to $62,000,000, resulting in a price per key of $620,000 and a price per square foot of $738.
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93